Ethereum and Solana face selling pressure amid ETF outflows

Major cryptocurrencies Ethereum and Solana are experiencing significant downward pressure driven by institutional outflows and declining market sentiment.

Ethereum spot ETFs recorded approximately $431.4 million in net outflows over five consecutive sessions ending October 30. BlackRock’s ETHA led these withdrawals with roughly $76.6 million. This trend follows a period of strong demand in August and September, but the recent selling has contributed to ETH dropping from nearly $2,700 in late September to approximately $2,240.

Solana has also faced challenges, with its token trading near $95.80 after finishing October down about 19%. Solana spot ETFs saw four consecutive sessions of net outflows, including a $28 million loss on October 29. The broader market sentiment has shifted toward fear, with the Crypto Fear and Greed Index dropping to 35.

These movements occur alongside broader market volatility, including reports of a $6.34 billion security breach involving Binance and significant liquidations of leveraged long positions across the digital asset market.